{"id":822176,"date":"2025-03-05T16:40:06","date_gmt":"2025-03-05T21:40:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/alto-ingredients-inc-reports-fourth-quarter-and-year-end-2024-results\/"},"modified":"2025-03-05T16:40:06","modified_gmt":"2025-03-05T21:40:06","slug":"alto-ingredients-inc-reports-fourth-quarter-and-year-end-2024-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/alto-ingredients-inc-reports-fourth-quarter-and-year-end-2024-results\/","title":{"rendered":"Alto Ingredients, Inc. Reports Fourth Quarter and Year-end 2024 Results"},"content":{"rendered":"
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\n – Implemented Cost Savings Expected to Yield Approximately $8 Million Annually – <\/em>
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\n – Integrated Accretive Acquisition of a Beverage-grade Liquid CO<\/em>
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\n – Considering Asset Sales, a Merger or Other Strategic Transactions –<\/em>
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PEKIN, Ill., March 05, 2025 (GLOBE NEWSWIRE) — Alto Ingredients, Inc. (NASDAQ: ALTO)<\/strong>, a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients, reported its financial results for the quarter and year ended December 31, 2024.<\/p>\n

Bryon McGregor, President and Chief Executive Officer of Alto Ingredients said, \u201cDuring the fourth quarter of 2024 and the first quarter of 2025, we implemented cost saving initiatives, including cold idling our Magic Valley plant, and lowering total company headcount by 16%. We expect these staffing reductions to save approximately $8 million annually beginning in the second quarter of 2025. While ensuring high customer service, we rightsized the company to our smaller organizational footprint to position for long-term sustainable growth.<\/p>\n

\u201cOn January 1st<\/sup>, we acquired a beverage-grade liquid carbon dioxide processor adjacent to our Columbia site. Bolstering economics and increasing asset valuation, this immediately accretive transaction has a compelling payback of less than two years as well as opportunities for cost synergies and expanded production. At our Pekin Campus, we continue to diligently pursue opportunities to optimize carbon, which has been historically underutilized and undervalued. Lastly, with the assistance of our financial and legal advisors, we are considering a broad range of options, including asset sales, a merger or other strategic transactions to better align the long-term value potential of the company.\u201d<\/p>\n

Chief Financial Officer Rob Olander added, \u201cOur restructuring has improved Alto\u2019s financial position going forward. In doing so, during the fourth quarter of 2024, we recognized over $30 million in asset impairments and prior acquisition-related expenses, which reset our base. Combining our reduced expense run rate with our improved performance at the Pekin wet mill, our synergistic acquisition of premium liquid CO2<\/sub> processing and our entry into the European market, we are optimistic about 2025.\u201d<\/p>\n

\n Financial Results for the Three Months Ended December 31, 2024 Compared to 2023 <\/strong>\n <\/p>\n